Incomplete projects delaying loan
A USD 800mn Russian loan, meant for the Serbian Railways, is being delayed by missing project design documentation.
Wednesday, 09.06.2010.
14:57
A USD 800mn Russian loan, meant for the Serbian Railways, is being delayed by missing project design documentation. This is according to Serbia's Traffic Institute CIP Director Milutin Ignjatovic, who noted however, that negotiations were “going well”. Incomplete projects delaying loan Russians, said Ignjatovic, want all project-related documentation to be ready. The value of two prominent planned infrastructure works to be financed from the loan stands at USD 470mn. The two projects are the Belgrade railway hub, and the Valjevo-Loznica railway in the west of the country. “We have offered that they (Russians) come and start building the Valjevo-Loznica (railway), for instance. They could work for over a year, and more, while we produce the project documentation for the remaining 40-kilometer stretch that is missing,” Ignjatovic was quoted as saying. But, he said, the Russians were not happy with this solution. “They do not agree, and want everything to be arranged, and when they attack (sic) they will bring in more machines and contractors that would be able to start working all at once,” said the CIP director.
Incomplete projects delaying loan
Russians, said Ignjatović, want all project-related documentation to be ready. The value of two prominent planned infrastructure works to be financed from the loan stands at USD 470mn.The two projects are the Belgrade railway hub, and the Valjevo-Loznica railway in the west of the country.
“We have offered that they (Russians) come and start building the Valjevo-Loznica (railway), for instance. They could work for over a year, and more, while we produce the project documentation for the remaining 40-kilometer stretch that is missing,” Ignjatović was quoted as saying.
But, he said, the Russians were not happy with this solution.
“They do not agree, and want everything to be arranged, and when they attack (sic) they will bring in more machines and contractors that would be able to start working all at once,” said the CIP director.
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